Arthur Thorpe, Senior Probate Executive at Mowbray Woodwards Solicitors, talks about the benefits of lifetime planning and explains why everyone should think about putting provisions in place for the future.
Do you want to ensure that matters are as straightforward as possible for your family if anything happens to you?
The obvious answer is yes, but have you done all you can? The best way is to make sure that you have a valid Will in place and to make certain that it is up to date. Preparing a Will allows you to not only leave your estate to who you want, you can also choose who you would like to carry out the terms of your Will and include details of your funeral wishes.
It is a difficult enough time following bereavement, but
with the added burden of not knowing an individual’s funeral wishes there can
be even more emotional strain. Simple
provisions drafted in a professional manner can help to avoid these issues and
can cater for many eventualities.
Do you want to ensure your affairs can be looked after by those you choose if you cannot look after them yourself?
You owe it to yourself to make sure your finances are accessible if you become incapacitated. This not only makes life easier for those who you would like to help you, but also ensures that your own financial requirements are not placed in jeopardy. A Lasting Power of Attorney (LPA) is a simple answer to this. When you grant an LPA you choose who you would like to help administer your affairs if you cannot administer them yourself. If you do not grant an LPA, it falls to someone to apply to the court to be appointed as a Deputy to deal with your finances for you. This alternative is a very expensive process and takes a considerable amount of time to put in place. An LPA can easily avoid this. There is also the facility of an LPA to cover health and welfare matters.
Will your spouse
receive the whole of your estate automatically when you die?
There is a common misconception that if you are married your spouse will benefit from your entire estate automatically. However, this is not always the case as it depends on what your estate consists of, its value and what other relatives you have. In the absence of a Will the law dictates who will benefit from your estate and to what extent. Even if you have no children but do have other surviving relatives such as parents or siblings, they could be entitled to part of your estate, depending on its value. Again, there is a solution to hand and that is to have a professionally drawn Will in place which will then reflect your wishes. Those in registered civil partnerships should also carefully consider the position should they die for a surviving civil partner (as in the case of a spouse) does not automatically become entitled to the deceased civil partner’s estate.
For more professional advice and information, please ask to speak to a member of our experienced Wills, Trusts and Probate Department on 01225 485700.